Buying Property in Spain
We know that making a decision is a hard process, especially if you are buying a property. This process requires experience and effort. And if this property is abroad, then you will definitely need professional support and service.
Spain is the correct choice for waking up to a beautiful life each morning by watching the amazing Mediterranean view, enjoying the sun and stunning beaches. It would also be wonderful if you could live this dream in the comfort of your own home. It will be a way to reach your dream, but be sure that in the end, it will worth all the effort.
Spain Homes is committed to providing local expertise and professional service throughout all the process from where you start dreaming until you get your title deed in your hand.
What Are the Steps to Buying a House in Spain?
We will be with you in each step to support you both in legal issues and to answer all your questions about the purchasing process and life in Spain. Because buying a property is a big step to take and has to have a happy ending. Let us explain to you the long road that we will take together:
There are hundreds of thousands of properties in Spain. Finding the right one for you among all these alternatives requires an important effort. First, there will be a lot of questions to be answered. The initial and the most important question is “what do you really want?”. And then all the questions to have occurred accordingly will be making the basis of your wishlist.
At this stage, you need to work with a professional real estate agency that will ask you the right questions and that will be a good listener to understand your needs and expectations. You have to get professional support to balance the unlimited needs and limited resources.
2. Property Viewing Tour
Once all the right questions are asked and answered properly, it comes out the best possible portfolios to be offered. Location, size, number of rooms, budget are now clear. You are informed about the details of the best possible options. Now, we are expecting you to buy your ticket and come to Spain. In this tour, we will be visiting your favorite properties together and we will make sure if your expectations are met. You will get instant and complete answers to many more questions that may arise during this trip.
3. Legal Consultancy
You should definitely have an attorney in law for the property buying process in Spain. You can work with your own or the one that will be advised by your real estate consultant.
Especially, when you decided to come and buy a property in Spain; a legal consultant who can follow up the procedure with your Power of Attorney would save you money and time for a period that can last 2 to 3 months.
Your lawyer should;
Understand you and your financial situation
Inform you about legal procedures and related costs
Answer your questions and advise you.
Spain Homes will be right next to you in this process also with its trusted legal partners.
4. Situation Analysis
The main rule for avoiding risks in property buying is to make a right situation analysis. Below mentioned items should be checked and make sure that there are not any problems about;
The legal situation of ownership and property
Exemption of property from debts and fees
Public services to be up to date
Availability of property
As Spain Homes, we are checking all these issues in advance for all the properties in our portfolio and we offer to you only the hassle-free properties.
You liked one of the properties and you would like to buy it. Usually, at this point, you should pay a reservation deposit and sign a proposed contract. This contract will give you some time to make all the legal controls before purchase and will take off the property from sale during this period. This deposit is around € 5.000 and returnable.
If everything is ok, following the approval of the lawyer, you will need to sign the main contract to go on with the purchase process. Even if this contract is not registered in an official book, it is accepted as binding and you should read and understand all the details.
When signing this contract, it is expected that you make downpayment usually from 10% to 30% of the purchase price. The amount can differ according to the seller or the situation of the construction.
If you give up buying after signing this contract, it is mostly possible that you cannot get the deposit back. So, you need to be sure before signature. If the Seller withdraws from the contract, you may have a right to get compensation.
6. Getting a NIE Number and Opening A Bank Account
NIE (Número de Identificación de Extranjeros) shows that you are registered in Spanish authorities and is mandatory for buying a property in Spain. Getting NIE is a relatively simple process that only requires a visit to the Foreigners Office with required documents. Spain Homes will be assisting you also in this Process.
After getting your NIE number, we will open a bank account in our partner bank’s Office.
7. Title Deed
Title Deed should be signed in front of a Notary. You will pay the remaining amount for the property and you will have your property.
At this stage, known as “Copia Simple”, you will get a copy of the document. If you got a mortgage for the property, the bank would keep the original document until all the debts are paid.
8. Land Registry
Once the Title Deed is signed in Notary, your data is registered in Land Registry. At this point, if the Title Deed is on a Company name, all the situations like change in the company title should be reported with legal documents.
9. Taxes and Legal Fees
Having a lawyer is also important for this stage. Taxes and legal fees may differ according to many factors. While paying the legal fees you should ask for detailed receipts for you to know exactly what you have paid for. For notary fees and taxes paid, you should be receiving original invoices. You should also keep all these documents, invoices and receipts.
When the purchase process is completed, there would be ownership taxes that should be paid regularly as IBI (Municipality Tax). Either a resident in Spain or not, all the property owners are responsible for IBI.
As Spain Homes, we will always be there for you, for all your questions about taxes and legal fees.
10. Getting Your Keys
Now, you are succeeded in all this purchase process with proper counseling. You may move into your dream home any time from now on.
We know that it is a process that should end with absolute 100% Happiness and we are committing to assure that.